Crude oil inventories in the U.S. unexpectedly saw a significant increase in the week ended June 7th, according to a report released by the Energy Information Administration on Wednesday.
The EIA said crude oil inventories jumped by 3.7 million barrels last week after rising by 1.2 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 1.6 million barrels.
At 459.7 million barrels, U.S. crude oil inventories remain about 4 percent below the five-year average for this time of year, the EIA said.
The report said gasoline inventories also shot up by 2.6 million barrels last week and are just slightly below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, also edged up by 0.9 million barrels last week but are about 7 percent below the five-year average for this time of year.